Country with French banks suffering (5)

I believe the answer is:

egypt

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'country' is the definition.
(Egypt is a country)

I can't explain the remainder of the clue.

(Other definitions for egypt that I've seen before include "Country of pyramids" , "Cleopatra its queen" , "Where Cavafy wrote" , "Land of the lower Nile" , "Land of ancient civilisation" .)

I've seen this clue in The Times.

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